国外业务强劲抵销国内劣势 虽然长青纤维板(EVERGRN,5101,主板工业产品服务组)下半年表现料持平
(吉隆坡8日讯)虽然长青纤维板(EVERGRN,5101,主板工业产品服务组)国内业务面临原木短缺、营运成本增长,以及本地家具需求减少等短期逆风,但中东和印尼市场的强劲需求,将持续带动泰国和印尼业务的强劲表现,预计下半年业绩与上半年相同,并持续受益于美元走强。
原木短缺问题有改善
丰隆研究分析报告指出,虽然下半年原木短缺问题比上半年已有所改善,但仍不足。随着原木维持高价,以致木材品质降低,制造成本增加。最低薪金制与电费成本上升将提高国内业务营运成本。此外,联储局预计升息,将抑制消费,从而降低家具需求。
为了降低原木短缺的负面影响,长青纤维板将更多订单转至泰国和印尼,以利用低成本和充足优质木材供应的优势。公司将持续精进营运,提高自动化以进一步降低对劳动力的依赖。
为了应对电费高涨,公司已在总部完成太阳能电池板的安装,降低电费成本,并持续在其他厂房安装太阳能电池板。公司放眼降低成本结构,开发和多元化下游产品出口至更多国家,以应对家具需求的临时不确定性。
在成本方面,胶水价格已从顶峰回落,这对公司利润是个好预兆。
虽然面临全球经济不确定,但公司整体需求前景维持强劲,并可从美元走强持续获益。鉴于强劲营运现金流,且没有主要资本开销,分析员预计今年派息会相当可观,维持“买入”评级,目标价为82仙。
长青纤维板周四收在50仙,起1.5仙。
https://www.sinchew.com.my/20220909/%E5%9B%BD%E5%A4%96%E4%B8%9A%E5%8A%A1%E5%BC%BA%E5%8A%B2%E6%8A%B5%E9%94%80%E5%9B%BD%E5%86%85%E5%8A%A3%E5%8A%BF-%E9%95%BF%E9%9D%92%E7%BA%A4%E7%BB%B4%E6%9D%BF%E4%B8%8B%E5%8D%8A%E5%B9%B4%E8%A1%A8%E7%8E%B0/
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